Legal professionals are generally optimistic about the potential for artificial intelligence. Advances in AI could drive significant growth opportunities for firms through increased productivity, reduced costs, and improved client service, as well as create new services and revenue streams. While AI is expected to have a transformative impact on the legal industry, the steep learning curve for AI will likely require more technology investment and training.
The top concerns for legal professionals about AI are the accuracy of results and job losses. However, generative AI may also create new job opportunities and career paths – particularly for those willing to learn new skills, including software coding and AI prompt engineering.
Lawyers foresee AI having transformational effects on the profession. The pace of change could accelerate dramatically in the next few years, and lawyers need to be prepared to adapt to new ways of practising law and operating as a business – in both law firms and corporate legal departments.
Source: Canadian Lawyer
Leave a Reply